The United Arab Emirates’ stock exchanges will give brokerages until May 29 to switch to the so- called delivery-versus-payment system, one of MSCI Inc. (MSCI)’s criteria for the country’s upgrade to emerging market status.
“We have received a few concerns regarding the readiness level of the market participants,” said an Abu Dhabi Securities Exchange statement obtained by Bloomberg today. We “kindly ask custodians and brokers to confirm their readiness by no later than May 29.” The exchange itself “is ready to deal with the new model,” the statement said.
A senior official at the exchange, who declined to be identified because the matter hasn’t been made public, confirmed the document was sent to brokerages. A spokesman for the Dubai bourse, who declined to be identified, confirmed the exchange was also giving market participants until May 29 to switch to the system and that it can be used from tomorrow.
No comments:
Post a Comment